Question
Lucy currently owes $7,000 to a friend who is charging her interest of 2.90% p.m. She is required to settle the loan with two equal
Lucy currently owes $7,000 to a friend who is charging her interest of 2.90% p.m. She is required to settle the loan with two equal payments, one today and the other in eight months.
Calculate the size of the payments using eight months as the focal date.
Round to the nearest cent
( Calculating maturity value, and equivalent payments) - course section
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The Legal Environment Today Summarized Case Edition
Authors: Roger LeRoy Miller
8th Edition
130526276X, 978-1305279407, 1305279409, 978-1305704930, 1305704932, 978-1305262768
